Enhancing Financial Inclusion and Advancement (EFInA), in partnership with the Shared Agent Network Expansion Facilities (SANEF) and Proshare, convened the second edition of the Ask the Regulator Consumer Protection Townhall. The event brought together regulators, industry leaders, and financial consumers to discuss consumer protection in Nigeria’s digital financial services ecosystem, with a specific focus on digital lending.
Concerns regarding failed transactions, unfair lending practices, fraud, and ineffective complaint resolution were prominent topics. The townhall aimed to provide a platform for open discussion, allowing consumers to seek clarity on their rights, responsibilities, and available redress mechanisms.
Foyinsola Akinjayeju, in her opening remarks, stressed the importance of disseminating information to operators, regulators, and consumers to foster trust within the ecosystem. She noted that financial inclusion is crucial for achieving sustainable development goals, and issues within it can impact other SDGs.
Aisha Isa-Olatinwo, director of the Consumer Protection and Financial Inclusion Department at the Central Bank of Nigeria (CBN), acknowledged the reality of customer complaints and the ongoing efforts to enhance the system. She emphasized that strengthening the system and effectively addressing consumer concerns builds trust, which is vital for a stable financial system.
Boladale Adeyinka, director of Surveillance and Investigations at the Federal Competition and Consumer Protection Commission (FCCPC), highlighted the necessity of coordinated and clear regulations. She stated that effective consumer protection requires institutions to operate within defined mandates while collaborating, emphasizing that stronger enforcement, clearer regulations, and better consumer awareness must align for a fairer, safer, and more accountable system.
Gbemi Adelekan, President of the Money Lenders Association (MLA), underscored the significance of structured and responsible lending practices. He pointed out that formal lending systems have mechanisms to support borrowers, especially during difficult times, and that flexibility in renegotiating terms is a key aspect of responsible lending.
Sola Salako-Ajulo, founder of the Consumer Advocacy Foundation of Nigeria (CAFON), addressed the gap between policy and consumer experience. She highlighted the role of consumer advocacy in making rights actionable and empowering individuals with necessary information in a rapidly evolving and often misunderstood financial sector.
